Mar 15, 2021
Farm income could decline in 2021, despite large increases in the value of crop and livestock sales, according to the latest analysis of national and global agricultural trends from the University of Missouri. Lower government payments and higher farm production costs could outweigh the increase in sales.
Even with the decline projected by analysts at the Food and Agricultural Policy Research Institute (FAPRI), net farm income of $112 billion in 2021 would still be much higher than it was from 2015-2019. Net farm income increased to $121 billion in 2020, the highest level since 2013, primarily because of $46 billion in government payments.
“The COVID-19 pandemic upended agricultural markets, contributing to a dismal outlook for the farm economy in the spring and summer of 2020,” said Patrick Westhoff, FAPRI director and Howard Cowden Professor of Agricultural and Applied Economics in the MU College of Agriculture, Food and Natural Resources (CAFNR). “A series of
Overview
This report highlights results from a survey of Vermont farm and food businesses conducted during August and September 2020, with a total of 223 respondents. The survey was distributed via a number of non-profit, business, and state agencies in Vermont. Respondents included farms, food and farm product retail, agritourism operators, on-farm food processors, food and beverage manufacturers, nurseries/greenhouses/garden centers, and food hubs/aggregators.
Key Findings
The majority of respondents experienced a COVID-19 business impact, especially market (58%) and financial impacts (54%).
The most common market impacts included a change in demand, change in market channels or closure of markets, and the majority of all business types and gross sales categories experienced market impacts.
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